Thursday February 25, 2010 - 12:06:41 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 25-Feb-2010 - 1205 GMT
EURO, JAP YEN and EURO-YEN
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
USD-CHF @ 1.0841/45...21-Month-MA Resistance holding
R: 1.0886 / 1.0925-40 / 1.0980
S: 1.0800 / 1.0750-30 / 1.0700
Swiss is continuing to trade lower below the 21-Month-MA Resistance (currently at 1.0886). Immediate Support is seen at 1.08 which we expect to hold in the US session today. We continue to remain bullish for a rise towards 1.0950 on a break above the 21-Month-MA Resistance in the coming days.
On the other hand, a strong break below the immediate Support at 1.08 might see 1.0730-00 once again in the US session today.
Limit Buy Order:
Buy USD 10K at 1.0725, SL 1.0635, TP 1.0920
GBP-USD @ 1.5305/09...Bearish for 1.5050, if below 1.5260
R: 1.5409 / 1.5444 / 1.5510
S: 1.5270-60 / 1.5234 / 1.5050
The Cable has spiked below the Support at 1.5283 to record a low of 1.5271 so far and doesn not seem to be in a great mood to go for consolidation. The bears have pounced once again and this time the next prominent closest target is near 1.50. The pair is likely to find some Support near 1.50 and bounce towards 1.53 once again. If however, it leaves it for the next week and the pair takes Support near 1.5270 itself, it may rise a little towards 1.54-1.55 over the rest of the week.
One may want to sell on rallies above 1.54 or sell on stop loss basis below 1.5250.
AUD-USD @ 0.8896/99...Resistance in 0.8950-70 region
R: 0.8925 / 0.8950-70 / 0.9020
S: 0.8860 / 0.8820-00 / 0.8730
Aussie has bounced back slightly from the day's low of 0.8860 and is now trading just below 0.89. The 21-DMA (currently at 0.8868) is providing Support for the pair over the last once week. However, the 8-DMA (0.8957) is Resisting the upmove for the last couple of days which is retaining the downside pressure. As mentioned earlier, there are good chances of revisiting the significant Support at 200-DMA (0.8668) in the coming days. Note that this 200-DMA is a very significant Support level to watch for on the downside.
On the upside, Resistance is seen in 0.8950-70 region which is expected to hold in the US session today. The projected Max-High and Max-Low for the day is 0.8962 and 0.8850 respectively.
Limit Sell Order:
Sell AUD 10K at 0.8960, SL 0.9050, TP Open
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